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Monthly Archives: June 2013

Defining Financial Freedom

Finance

Finance (Photo credit: Tax Credits)

As I prepare to revisit my quest for financial freedom I realized that I had not truly defined what it means to be financially free. Now lets keep in mind that for the past two years I have been a full-time graduate student….so money has not come easy and no raises my way!!!!!!

Despite being on a fixed income (which technically most people are on a fixed income-lol) I am really excited because I only have one more payment on my car note! I have also been able to take more trips and enjoy my life in general.

What I have come to realize is that the way I have spent money is very focused on the NOW instead of planning for my future.

Being financially free is NOT about now.

I have decided to revisit my idea of being financially free. Below are three goals I have set for myself to help define and measure my trek toward financial freedom:

•Raise my credit score by 30 points in one year
•Save (DO NOT TOUCH) $1K in one year
•Increase my income by $100 each month during the next year

I am thinking that If I can increase my income by $100 each month it should make sure that I have my savings of $1k. I am also thinking that by no longer having a car note I will be able to redirect some of my monthly expenditures to clearing up other debt.

I will do a 6 month check in and let you know how it is going.

Please share with me some how you define being financially free.

 
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Posted by on June 30, 2013 in Uncategorized

 

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Applying Lessons in Business to Your Daily Life (lessons from Dave Ramsey)

Dave RamseyRecently I read the book “EntreLeadership” by Dave Ramsey. The book is primarily about practical strategies and advice that can be applied in business. As I was reading the book I felt that much of the advice was applicable to daily life. I also believe that financial freedom is important to everyone so ultimately we should all strive to be EntreLeaders in and outside of the formal business arena.
Below are some of the statements and suggestions that stood out to me regarding EntreLeadership. (Some statements are abbreviated or put in my own words but you get the jist)

• EntreLeadership is defined as “the process of leading to cause a venture to grow and prosper”.
• Henry Ford said “those who never make mistakes work for those who do”
• Build your house of bricks instead of sticks so you won’t panic during turbulent economic and financial times.
• Sell benefits, not products
• Know why you are better than the competitor
• Ask yourself if you hadn’t ______________ with them yet, would you do it again? (Dave Ramsey speaks about hiring a person but I believe that can go for a number of things in life).
• Always go too far in extending grace to personal problems so that you have no regrets.
• January is a big goal setting month, but so is Sept and October after kids go back to school
• Slow and steady wins the race. execute your long-term vision.
• Our intensity must purposefully be directed at things that matter and purposefully not be directed at things that don’t.
• Identify your values to help ease decision-making.
• Ask yourself if the decision causes you to lie or hide the truth
• The more information you have the more obvious the correct decision
• Your worst case scenario is unpleasant but you seldom die from it
• Manage activities instead of trying to manage results
• Try management by objectives (MBOs)
• Stay true to your purpose by turning down opportunities outside of that purpose
• Visions are dreams with more clarity
• Great leaders are always servant leaders
• If you want employees boss them around, if you want team members explain to them what you do.

I highly recommend the book for anyone considering a new financial or personal venture. You definitely want to be an EntreLeader in the next endeavor of your life to make sure that you achieve your desired results.

 
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Posted by on June 5, 2013 in Uncategorized

 

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